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The Extra Expenses when looking at Properties in Halkidiki to buy

The Extra Expenses when looking at Properties in Halkidiki to buy

When buying properties in Halkidiki there are a number of other purchase related expenses to consider besides the price of the property.  We at Hellenic Living appreciate that it is very important for the prospective buyer of properties in Halkidiki to know what additional costs to expect so that there are no expensive surprises when it comes to finalising the sale.  We have put together a list and explanation of the most common fees involved in buying properties in Halkidiki.

  1. Legal Costs – The law in Greece states that if the value of a property exceeds 80000€ it is compulsory to appoint a lawyer to check all the official documentation and to protect their interests.  Buyers of properties in Halkidiki sold for less than 80000€ have the option to decide if they want to employ a lawyer for the same legal assistance. 

    The services of a lawyer (subject to agreement) usually amounts to approximately 1% of the value of properties in Halkidiki but there may be additional charges, depending on the individual case if the lawyer is required to do any extra work.

    The purchase of all properties in Halkidki regardless of value requires the help of a lawyer to search the title deed at the registry of mortgages.  This search costs in the region of 100-150€ and ensures that the property is free from any debt and therefore secure to buy.

  2. The Notary – It is essential to appoint a notary for the purchase of properties in Halkidiki.  They are responsible for gathering the necessary documentation, issuing the purchase property tax form and drafting the final contract of sale which is read, understood and signed by both parties at a meeting.in their presence.   They also register the sale in the public records, so that the buyer acquires the official title of the property. 

    The charges are regulated but the total price will vary according to the price of the property, the number of documents required and the provision of the tax form.  You can expect to pay around 2% for notary services of the price of properties in Halkidiki.

  3. Estate Agent – In Greece, unlike other countries the buyer also pays the real estate agent a commission for their role in purchasing a property.  A good local real estate agent however will do more than just sell you properties in Halkidiki and truly earn their commission!!  A prospective buyer can expect to pay about 2% (+VAT)of the sale price to their real estate agent and if they choose wisely in return they will receive valuable information, advice and assistance to help them search out their dream property.  It is important however to be wary of tempting offers and research the price of properties in Halkidiki.  It is useful to know that the same house may be represented by more than one real estate agent and at a different price.  Sometimes properties in Halkidiki are marketed at a higher sale price to incorporate the real estate agent fee so a ‘commission free’ deal turns out not to be as attractive as it first appears. 

  4. Property Tax or VAT - In 2006 the law in Greece pertaining to taxation was revised.  The current rules are that most properties in Halkidiki which were constructed with building permission granted 1st January 2006 onwards must pay VAT instead of the property tax.  However there are fortunately some exceptions to the rule and if the property was built privately and not by a construction company, regardless of when the planning permission was issued, the buyer will have to pay purchase property tax instead of VAT.  The good news is that purchase property tax has recently been reduced from 10%  to 3%!  Other properties in Halkidiki which were built with planning permission after 2006 and are being sold by a private owner who has previously paid VAT on the purchase of the property.  These types of properties in Halkidiki also do not have VAT attached again but are subject to property tax.  

  5. Registering the Property – notifying the land registry of the change in ownership of properties in Halkidiki is carried out by the notary as part of their service and will be itemised in their bill.  The charge is 4.75‰ (per mille) of the property value plus 23% VAT but only on 3‰ of this amount.  There are also itemised administration fees of 19.85€, 9.00€ and 4.50€. 

  6. Translator – If the first spoken language of the buyer is not Greek it is essential that a professional interpreter is present so that the contracts can be translated into their native language before they are signed and any points or questions raised on their behalf.  Interpreters charge around 100€ to attend the reading of the final contract.

All the prices and fees quoted are cost estimates because every case is different but the figures are based on the current rates so anyone looking at properties in Halkidiki can get a rough idea about the expenses involved.

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